HC Deb 17 November 1931 vol 259 cc664-5
48. Mr. MANDER

asked the Chancellor of the Exchequer whether the Government will consider the advisability of taking the initiative in summoning a conference of countries not on the gold standard to consider a joint policy on currency matters?

The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)

I would refer the hon. Member to the answer given by the Prime Minister to the hon. Member for the ColChester Division (Mr. Lewis) on Thursday last.

56. Mr. HAMMERSLEY

asked the Chancellor of the Exchequer whether he will consider the calling of an international conference with a view to the stabilisation of the price of silver?

60. Mr. DAVID WILLIAMS

asked the Chancellor of the Exchequer if he will consider the desirability of convening a conference of representatives of Britain, China, India, and Japan with a view to the establishment of a silver standard for currency in this Far East?

Mr. CHAMBERLAIN

The answer is in the negative. For the reasons given in reply to previous Parliamentary Questions on this subject, His Majesty's Government do not consider that any useful purpose would be served by calling an international conference on silver.

57. Mr. HAMMERSLEY

asked the Chancellor of the Exchequer whether His Majesty's Government contemplates an early return to the Gold Standard?

Mr. CHAMBERLAIN

There are a number of important conditions some of which are not subject to our control, which must be satisfied before stabilisation of sterling in terms of gold could be contemplated. Our immediate objective is to balance the Budget, to rectify the adverse trade balance, and to maintain the internal purchasing power of the pound.

Mr. HAMMERSLEY

Would the right hon. Gentleman bear in mind that to link our currency with gold, without previously settling inter-Allied debts and reparations would be to obstruct the Government's declared policy of a stable currency?

Mr. CHAMBERLAIN

I had in mind conditions of that kind when I spoke of conditions which are not subject to our control.

Mr. MACLEAN

As the object is to balance the Budget are we to take it that the Budget has not yet been balanced?

59. Sir CHARLES OMAN

asked the Chancellor of the Exchequer whether he will take measures to secure that the mass of Victorian silver currency now being gradually withdrawn from circulation will not be melted and re-alloyed with base metal but recoined at its former standard, no practical profit being obtainable from its recoinage with base alloy?

Mr. CHAMBERLAIN

I am not prepared to adopt this suggestion.